Waverly, IA Cost of Living

Waverly cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

The above illustration supplies generalized information for the Waverly, IA cost of living index. Compared to other cities in Iowa and cities across the country, the cost of living index in Waverly, IA is 92, which is 4% higher than the Iowa average and 8% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Waverly, IA are 3% lower than the average for Iowa and 10% lower than the rest of the country.

Did you know?

The cost of living in Waverly is 4% higher than the Iowa average.

The cost of living in Waverly is 8% lower than the national average.

The cost of housing in Waverly is 17% lower than the national average.

Iowa general sales tax is 18% higher than the national average.

Iowa state income tax is 84% lower than the national average.

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Compare Waverly, IA Cost of living To Other Cities

Salary Calculator

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator is used in order to provide a comparison of your current salary in Waverly, IA to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Waverly, IA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Waverly, IA salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$76,948

$6,412

$1,795

$2,309

Renters

$27,667

$2,306

$646

$830

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Waverly, IA, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Waverly, IA has a median income of about $76,948 for people who own homes. Based on that number, a person should spend a maximum of $1,795 on expenses related to housing. Renters have a slightly different median income, which is $27,667. Based on this average, renters should spend no more than $646 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Iowa Sales Tax

State

General Sales Tax

With Max Surtax

Iowa

6%

7%

Iowa Income Tax

State

Income Tax (Low)

Income Tax (High)

Iowa

0.36%

8.98%

When you are determining the total cost of living in Waverly, IA you will want to make sure you consider both the Iowa sales tax and the Iowa income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Iowa is 6%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Iowa have a range from 0.36% to 8.98%.

Goods & Services

Item

Waverly

National avg.

Difference

Haircut

$14.00

$14.59

4.1%

Beauty Salon

$22.00

$34.68

36.6%

Toothpaste

$2.41

$2.47

2.6%

Shampoo

$1.20

$1.02

17.4%

Movie

$9.50

$9.87

3.7%

Bowling

$3.50

$4.39

20.3%

Groceries

Item

Waverly

National avg.

Difference

Ground Beef

$4.34

$4.48

3.1%

Fried Chicken

$1.48

$1.46

1.1%

Milk

$2.42

$2.36

2.7%

Potatoes

$2.72

$3.06

11.2%

Pizza

$8.00

$9.24

13.4%

Beer

$9.42

$8.63

9.1%

Health Care

Item

Waverly

National avg.

Difference

Optometrist

$122.25

$99.78

22.5%

Doctor

$97.25

$105.03

7.4%

Dentist

$88.67

$88.70

0.0%

Ibuprofen

$10.31

$9.41

9.5%

Lipitor

$302.31

$298.50

1.3%

Housing

Item

Waverly

National avg.

Difference

Home Price

$156,000.00

$175,700.00

11.2%

Avg. Mortgage Payment

$1,043.56

$1,081.03

3.5%

Apartment Rent

$636.00

$920.00

30.9%

Transportation

Item

Waverly

National avg.

Difference

Gasoline

$2.90

$2.09

38.6%

Tire Balancing

$41.97

$45.29

7.3%

Utilities

Item

Waverly

National avg.

Difference

All Electricity

$146.62

$170.80

14.2%

Phone

$20.01

$28.26

29.2%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.